Best Buy raises same-store sales outlook
Best Buy Co. Inc. BBY, -0.42% shares rose 4.1% in Tuesday premarket trading after the consumer electronics retailer reported second-quarter earnings that beat expectations and raised its same-store sales guidance for the year. Net income totaled $734 million, or $2.90 per share, up from $432 million, or $1.65 per share, last year. Adjusted EPS of $2.98 was well ahead of the FactSet consensus for $1.89. Revenue of $11.85 billion was up from $9.
For the third quarter, Best Buy forecasts revenue of $11.4 billion to $11.6 billion and same-store sales decline of 1% to 3%. The FactSet consensus is for revenue of $10.47 billion and a same-store sales decline of 9.1%. For the year, Best Buy is guiding for revenue of $51 billion to $52 billion and raised its same-store sales guidance to growth of 9% to 11%, up from previous guidance for 3% to 6% growth. The FactSet consensus is for revenue of $49.
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